Transcription
Benchmark ReportMarch 31, 2021
Benchmark Report1Category-III2DSP INDIA ENHANCED EQUITY SATCORE FUNDTrailing ReturnsIndex1-year (%)2-year (%)3-year (%)Scheme (INR)11.9210.399.57CRISIL AIF Index – Cat III (INR)60.3114.039.71Scheme (USD)14.797.095.20CRISIL AIF Index – Cat III (USD)64.4210.625.34Values as on March 31, 2021Schemes that have completed at least one year since their first close as on March 31, 2021, have been considered for the benchmark. In all,170 schemes have been considered for the benchmarkReturns refer to post-expense, pre-carry, pre-tax values. Returns for more than one year are annualisedRolling Returns3-year annualised rolling returns (quarterly shift)DateScheme (INR) (%)CRISIL AIF Index –Cat III (INR) (%)Scheme (USD) (%)CRISIL AIF Index –Cat III (USD) (%)Mar 31, 20208.59-2.833.28-7.59Jun 30, 20208.490.753.06-4.29Sep 30, 20207.533.123.27-0.97Dec 31, 20209.526.504.761.87Mar 31, 20219.579.715.205.34Average8.743.453.91-1.13The above values of rolling returns for the benchmark have been updated historically due to increased coverage of Category-III fundsQuartile analysis (INR)Trailing returns (%)PeriodNo. ofschemesSchemereturns(%)Schemequartile1-year (%)12911.922-year (%)993-year (%)581st Quartile(Threshold for top 25%)Median3rd Quartile(Threshold for top 75%)Bottom Quartile99.5768.1741.9610.39Third Quartile16.4812.927.559.57Second Quartile10.067.201.63This Benchmark Report has been provided for the sole purpose of comparing the fund/scheme’s performance with CRISIL AIF Benchmarks forreporting to the existing investors.2DSP Investment Managers Private Limited also manages other Category III funds for which separate reports have been provided.12
Quartile analysis (USD)Trailing returns (%)PeriodNo. ofschemesSchemereturns(%)1-year (%)12914.792-year (%)993-year (%)58Schemequartile1st Quartile(Threshold for top 25%)Median3rd Quartile(Threshold for top 75%)Bottom Quartile104.6772.4845.597.09Third Quartile13.009.554.335.20Second Quartile5.672.92-2.43First and third quartiles are the return thresholds for the top 25% and 75% schemes, respectively based on the individual scheme’s trailingreturns for the respective time-frames. Please refer to the annexure for detailsFor quartile analysis, only those time-frames have been considered that have at least 8 schemes availableReturns above one year are annualisedGrowth of 100160140120100806040200CRISIL AIF Index – Cat III (INR)DSP INDIA ENHANCED EQUITY SATCORE FUND3
AnnexureMethodology, definitions and eligibility criteriaVintage yearBenchmarks for categories-I and -II are calculated based on their vintage years. Vintage year is defined as thefinancial year in which the scheme had its first close, i.e., the vintage year of a fund will be Vintage FY14 if it had itsfirst close between April 1, 2013, and March 31, 2014.Only those vintage years are considered that have at least three schemes available; those with less than threeschemes have been excluded.Calculation metricsThe benchmarks for categories-I and -II are based on the following metrics:Pooled internal rate of return (IRR)Pooled IRR denotes the IRR calculated at an aggregate level by pooling all the cash flows that have occurredwithin all the schemes belonging to the category and the vintage year. Here the cash flows are consideredaccording to the date on which they have occurred and the valuation as on the last day is considered as theterminal value for the calculation.Investment multiples and ratiosThree types of ratios are considered for calculation of benchmarks – distributions to paid-in capital (DPI), residualvalue to paid-in capital (RVPI) and total value to paid-in capital (TVPI). All the three are calculated for eachapplicable vintage year.DPI: DPI is the ratio of the total distributions made to the paid-in capital. DPI is also called as realisation multiple.RVPI: RVPI is the ratio of the residual value of all investments remaining in the fund after distributions to paid-incapital. The residual value refers to the valuation of the scheme as on the date for which the benchmarks havebeen calculated.TVPI: TVPI is the ratio of the sum of total distributions and residual value, to the total paid-in capital. It is also calledas investment multiple.Quartile AnalysisFor understanding the distribution of IRR across the peer set, the returns for all the individual funds are calculated.First quartile, median and third quartile thresholds are reported. First and third quartiles are the return thresholds forthe top 25% and 75% schemes, respectively based on the individual scheme IRRs in each vintage year. Thus, anyfund with an IRR value above first quartile threshold belongs to the top quartile, similarly a fund with IRR valuebetween first quartile and median belongs to the second quartile and so on. The fund with returns below the thirdquartile belongs to the bottom quartile.For category III funds, quartile analysis is based on individual fund’s trailing returns for various time-frames. Thosefunds have been considered that have been in existence as of March 31, 2021 and present for the whole timeperiod.4
For quartile analysis, only those vintage years have been considered where at least eight schemes are available.Public Market Equivalent (PME )Public Market Equivalent as a metric helps in comparing the performance of an AIF against any public index. ThePME method tries to replicate the cash flows of the AIF to a public index. The cash flows, depending on whether itis an inflow or an outflow are invested and distributed to and from the public index on the same dates as that of theAIF. The distributions are adjusted using a scaling factor in order to avoid a situation where the public index isoversold and results in the negative terminal value.The benchmark for Category-III is based on the following metric:Asset weighted indexFor Category-III schemes, an asset weighted index at the category level is created based on the quarterly returnsof each scheme and the respective assets under management for those schemes.The index is created from the quarter in which at least three schemes were available, i.e. June 2013.Eligibility criteria All AIFs registered with SEBI under the SEBI (Alternative Investment Funds) Regulations, 2012, areconsidered for the calculation of benchmarks provided they fulfill the following criteria:1. The scheme has completed one year from its first close as on the date for which the benchmarks arecalculated. For example, AIF benchmark calculated for the period ending March 31, 2021, will have fundsthat had their first close on or before March 31, 20202. Data is provided by the AIF in the required format within the specified deadline The following are excluded from calculation of benchmarks:1. Angel funds registered under sub-category VCF under Category I-AIF2. Fund of funds3. Any scheme that has not had any transactions or investments anytime in the past4. Any scheme that has not completed one year since its first close as on the date for which the benchmarksare calculated, i.e., March 31, 20215. Any scheme that has not provided complete data or that has not provided data in the required format Schemes are divided based on their vintage years as described in the previous section. Only those vintageyears are considered that have at least three funds available. Thus, schemes that belong to vintage years inwhich less than three schemes were available are excluded For quartile analysis, only those vintage years have been considered where at least eight schemes areavailable5
About CRISIL LimitedCRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.CRISIL, its subsidiaries and associates, provide ratings, gradings, data, research, analytics and solutions, infrastructure a dvisory, andbenchmarking services to its clients. Details of the services provided by CRISIL are available at https://crisil.com/It is majority owned by S&P Global Inc (SPGI), a leading provider of transparent and independent ratings, benchmarks, analytics, anddata to the capital and commodity markets worldwide. Details of the services provided by SPGI are available athttps://www.standardandpoors.com/en US/web/guest/home.About CRISIL ResearchCRISIL Research, a division of CRISIL, is India’s largest independent integrated research house and is registered as a ResearchAnalyst with SEBI (Registration No INH000007854). We provide insights, opinion, analysis, and data on the Indian economy, industry,capital markets, and companies. We also conduct executive training programs, predominantly in the area of credit and riskmanagement. We are India’s one of the most credible providers of economy and industry research. Our analysis is supported by inputsfrom our large network of sources, including industry experts, industry associations, and trade channels. We play a key role in India’sfixed income markets, being the largest provider of valuation of fixed income securities to the mutual fund, insurance, and bankingsector in the country. We are also a prominent provider of debt and hybrid indices to India’s mutual fund and life insurance industries asbenchmarks for performance assessment.CRISIL Research also undertakes Equity and Debt valuation, publishes Mutual Fund Ranking for mutual fund schemes (across equity,debt, and hybrid asset classes) and provides Portfolio Analytics for Institutional Investors, which involves deep analysis of portfolio forcorporates, pension funds, and provident funds at an asset class level. Our platform for wealth managers, Alphatrax, offers in-depthanalysis of performance and portfolio-based attributes for diverse asset classes. It also enables investors to assess industry andcompany level risks based on CRISIL’s proprietary models. We also provide Equity Support services to the domestic marketintermediaries that use our research reports to assist their clients in making investment decisions in relation to listed or to be listedsecurities in India.Quantix, our integrated data and analytics platform, finds use in diverse functions across the financial sector, corporates, and consultingfirms including business strategy, deal/ loan origination, credit underwriting, risk monitoring, and treasury/ investment management.Our Company reports (that combine select financial and non-financial data, analytics from our proprietary risk models, and commentaryon company’s financial performance) are used by large commercial banks and financial institutions as part of their credit/ riskmanagement process.Our SME Performance Gradings, used by lenders, assess creditworthiness of SME enterprises relative to the peers leveraging ourproprietary grading model. The framework includes assessment of entity-level financial and operating performance, as well as industrylevel drivers.Our defining trait is the ability to convert information and data into expert judgments and analytics with utmost objectivity. We leverageour deep understanding of the macro-economy and our extensive sector coverage to provide unique insights on micro-macro andcross-sectoral linkages.Our talent pool comprises of economists, sector experts, company analysts and information management specialists.CRISIL PrivacyCRISIL respects your privacy. We may use your contact information, such as your name, address, and email id to fulfil your request and serviceyour account and to provide you with additional information from CRISIL. For further information on CRISIL’s privacy policy please visitwww.crisil.com/privacy.Argentina China Hong Kong India Poland Singapore UK USA UAECRISIL Limited: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400076. IndiaPhone: 91 22 3342 3000 Fax: 91 22 3342 3001 www.crisil.com
Analyst DisclosureNotwithstanding any member(s) of the team, who are involved in the preparation of this Report and/or whose names are published as part ofthis Report and their relatives, having financial interest or actual/ beneficial ownership in the form of securities holding (of less than 1%), at anindividual level, if any, with any of the members having served as officers, directors, or employees of the companies in the last 6 months orhaving engaged in market making activities, in the subject companies, there exists no material conflict of interest which can affect the neutralityor bias the output of the Report, given the deployed procedural safeguards including but not limited to objective methodology followed in theprocess of execution with no influence at an analyst level and the outputs being executed at a portfolio level, with no separate analysis for anindividual company.Terms and ConditionsThis Report is based on data publicly available or from sources considered reliable. CRISIL Research does not represent that the Report isaccurate or complete and hence, it should not be relied upon as such. Opinions expressed herein are our current opinions as on the date of thisreport. Nothing in this report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The subscriber/ user assumethe entire risk of any use made of this data/ report. CRISIL especially states that, it has no financial liability whatsoever, to the subscribers/ usersof this report.The report is for use within the jurisdiction of India only. Nothing in this report is to be construed as CRISIL providing, or intending to provide,any services in other jurisdictions where CRISIL does not have the necessary permissions and/ or registration to carry out its business activities.The user will be solely responsible for ensuring compliance for use of the report, or part thereof, outside India.CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings division and/ or CRISILRisk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The viewsexpressed in this Report are that of CRISIL Research, and not of CRISIL Ratings or CRIS.Company Disclosure1.CRISIL Research or its associates do not provide investment banking or merchant banking or brokerage or market making services.2.CRISIL Research encourages independence in research report preparation and strives to minimize conflict in preparation of researchreports through strong governance architecture comprising of policies, procedures, and disclosures.3.CRISIL Research prohibits its analysts, persons reporting to analysts, and their relatives from having any financial interest in the securitiesor derivatives of companies that the analysts cover.4.CRISIL Research or its associates collectively may own 1% or more of the equity securities of the Company mentioned in the report as ofthe last day of the month preceding the publication of the research report.5.CRISIL Research or its associates may have financial interest in the form of holdings in the subject company mentioned in this report.6.CRISIL receives compensation from the company mentioned in the report or third party in connection with preparation of the researchreport.7.As a provider of ratings, grading, data, research, analytics and solutions, infrastructure advisory, and benchmarking services, CRISIL or itsassociates are likely to have commercial transactions with the company and may receive compensation for the services provided.8.CRISIL Research or its associates do not have any other material conflict of interest at the time of publication of the report.9.No material disciplinary action has been taken against CRISIL Research or its analysts by any Regulatory Authority impacting ResearchAnalyst activities.DisclaimerEach CRISIL AIF Benchmark and CRISIL AIF Benchmark Report (including, for the avoidance of doubt, its values) is the sole property ofCRISIL. CRISIL shall, at all times, exclusively own any and all intellectual property rights in the CRISIL AIF Benchmarks and Report. No CRISILAIF Benchmark and/ or CRISIL AIF Benchmark Report may be copied, retransmitted or redistributed in any manner except for licensed usageagreed with CRISIL. While CRISIL uses reasonable care in computing the CRISIL AIF Benchmarks and preparing the Report and bases itscalculation on data that it considers reliable, CRISIL does not warrant that any CRISIL AIF Benchmark and Report is error-free, complete,adequate or without faults. CRISIL explicitly states that it relies on the data received from the AIFs, on an ‘as is’ basis to prepare the CRISILAIF Benchmarks and Report. CRISIL does not conduct any independent due diligence on the authenticity or accuracy thereof and disclaims anyliability in this regard. Anyone accessing and/or using any part of the CRISIL AIF Benchmarks and Report does so subject to the condition that:(a) CRISIL is not responsible for any errors, omissions or faults with respect to any CRISIL AIF Benchmarks and Report or for the resultsobtained from the use of any CRISIL AIF Benchmarks and Report; (b) CRISIL expressly excludes all liability arising from or relating to their useof any part of CRISIL AIF Benchmarks and Report.Argentina China Hong Kong India Poland Singapore UK USA UAECRISIL Limited: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400076. IndiaPhone: 91 22 3342 3000 Fax: 91 22 3342 3001 www.crisil.com
sector in the country. We are also a prominent provider of debt and hybrid indices to India's mutual fund and life insurance industries as benchmarks for performance assessment. CRISIL Research also undertakes Equity and Debt valuation, publishes Mutual Fund Ranking for mutual fund schemes (across equity,
![[Title to come] DSP Dynamic Asset Allocation Fund](/img/24/dsp-dynamic-asset-allocation-fund.jpg)
